Slides
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Q3-2026 Earnings Presentation James Ray – President & Chief Executive Officer David Ruppel – President & Chief Executive Officer-Elect Angie O'Leary – Executive Vice President & Chief Financial Officer November 3, 2026
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Q3 2026 Earnings Presentation - 2 These slides contain forward-looking statements that are subject to risks and uncertainties. These statements often include words such as “believe”, “anticipate”, “plan”, “expect”, “intend”, “will”, “should”, “could”, “would”, “project”, “continue”, “likely”, and similar expressions. In particular, these slides may contain forward-looking statements about the Company’s expectations for future periods with respect to its plans to improve financial results, the future of the Company’s end markets, including, but not limited to, global commercial vehicle markets and electric vehicle markets, changes in the North America Class 8 and Class 5-7 truck build rates, performance of the global construction and agricultural equipment businesses, the Company’s prospects in the global commercial vehicle marketsand electric vehicle markets, the Company’s initiatives to address customer needs, organic growth, the Company’s strategic plans and plans to focus on certain segments, competition faced by the Company, volatility in and disruption to the global economic environment including global supply chain constraints, inflation and labor shortages, tariffs and counter-measures, financial covenant compliance, anticipated effects of acquisitions or divestitures, production of new products, plans for capital expenditures, and the Company’s financial position or other financial information. These statements are based on certain assumptions that the Company has made in light of its experience as well as its perspective on historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. Actual results may differ materially from the anticipated results because of certain risks and uncertainties, including those included in the Company’s filings with the SEC. There can be no assurance that statements made in these slides relating to future events will be achieved. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on behalf of the Company are expressly qualified in their entirety by such cautionary statements. See slide 15 for use of non-GAAP financial measures. Forward Looking Statements and Non-GAAP Financial Measures
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Q3 2026 Earnings Presentation - 3 CEO Succession Exceptional Leader with Deep Operating Experience and a Strong Track Record of Execution • Appointed President and CEO and a member of the Board ✓ Effective November 9, 2026 • More than 25 years of operating and general management experience across many of CVG’s key end markets ✓ Serves as SVP and General Manager, Transportation & Logistics at Littelfuse, Inc. ✓ Former President of IDEX Optical Technologies ✓ Former President of Montevideo Technology, Inc. ✓ ~20 years in operational and general management roles at Herman Miller, Eaton, and Cooper Industries David Ruppel
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Q3 2026 Earnings Presentation - 4 Q3 2026 Overview POSITIVE GAAP AND ADJUSTED EPS • For the first time since Q1’24 • Supported by operating leverage on improved volumes and reduced interest expense REVENUE $208.1 MILLION ADJUSTED EBITDA $8.5 MILLION ADJUSTED OPERATING INCOME $5.6 MILLION ADJUSTED EPS $0.03 PER DILUTED SHARE Q3 FINANCIAL OVERVIEW Q3 HIGHLIGHTS Note: US GAAP net income was $5.6M for Q3 2026. GAAP earnings per diluted share was $0.14 for Q3 2026. GROSS MARGIN EXPANSION 13.8% ADJ. GROSS MARGIN • Up 170 bps year-over-year from Q3’25 and up 90 bps sequentially from Q2’26 • Operational efficiency initiatives continue to drive improvement REVENUE GROWTH 36.5% INCREASE YEAR-OVER-YEAR • Growth driven by all three business segments • Continued ramp of new business wins REDUCED DEBT AND IMPROVED LEVERAGE • Total debt decreased $10.3 million versus the end of 2025 • Net leverage ratio of 2.7x versus 4.1x at the end of 2025
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• Productivity gains through operational improvement • Supply chain optimization • Product mix improvement Q3 2026 Earnings Presentation - 5 Gross Margin Improvement Year-Over-Year Improvement 12.1% 13.8% Q3'25 Q3'26 Adjusted Gross Margin (%) Q3 Key Drivers of Margin Improvement Note: totals may not match due to rounding Sequential Improvement 10.3% 12.2% 12.9% 13.8% Q4'25 Q1'26 Q2'26 Q3'26 Adjusted Gross Margin (%) Q3 +190 bps • Commodity, freight, and fuel surcharge recoveries • Plant efficiencies and footprint optimization benefits • Additional pricing and product mix improvement +170 bps +70 bps +90 bps Opportunities Going Forward
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4.1 x 3.8 x 3.3 x 2.7 x 2025 Year-End Net Leverage Q1'26 Leverage Q2'26 Leverage Q3'26 Leverage Net Leverage (Net Debt/Adj. EBITDA) Net Debt Reduced $16.8M since the end of 2025 Q3 2026 Earnings Presentation - 6 Proactively Driving Accretive Deleveraging Focus Remains on Generating Free Cash Flow and Reducing Debt • Taking proactive steps to reduce leverage ✓ Sale-leaseback transactions have generated $20 million in proceeds YTD ✓ Proceeds from ATM issuance drove further deleveraging ✓ Repayments of over $30 million on the term loan facility YTD • Net debt decreased by $16.8 million year-to-date ✓ Reduces run-rate interest expense going forward ✓ Helped drive return to positive GAAP and Adjusted EPS in the third quarter • Net leverage decreased to 2.7x, closer to targeted range of ~2x
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Third Quarter 2026 Results Year-Over-Year Performance Commentary • Revenue up 36.5% in Q3 due to increased demand across all three business segments • Adjusted EBITDA up $3.9 million to $8.5 million on higher gross margin performance offset by higher SG&A expenses • SG&A increase reflects higher share-based and performance-based incentive compensation • Adjusted EPS of $0.03, up $0.17 due to volume leverage and lower interest expense • Free cash flow of $0.6 million compared to ($3.4) million • Net leverage at 2.7x down from 4.1x at the end of 2025 Q3 2026 Earnings Presentation - 7 CONSOLIDATED RESULTS (Continuing Operations) GAAP Measures Three Months Ended Sep 30 Nine Months Ended Sep 30 ($ in millions except for share information) 2026 2025 2026 2025 Revenue $ 208.1 $ 152.5 $ 574.8 $ 494.2 Operating Income 7.7 (1.1) 23.9 1.1 Operating Income Margin 3.7% (0.7)% 4.2% 0.2% Diluted EPS 0.14 (0.20) (0.06) (0.42) Non-GAAP Measures Three Months Ended Sep 30 Nine Months Ended Sep 30 ($ in millions except for share information) 2026 2025 2026 2025 Adjusted EBITDA $ 8.5 $ 4.6 $ 18.7 $ 15.6 Adjusted EBITDA Margin 4.1% 3.0% 3.3% 3.2% Adjusted Diluted EPS 0.03 (0.14) (0.18) (0.30) Free Cash Flow 0.6 (3.4) 10.9 25.0
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Q3 2026 Earnings Presentation - 8 Understanding SG&A Note: totals may not match due to rounding SG&A Expense 52.2 65.8 YTD'25 YTD'26 17.1 23.5 Q3'25 Q3'26 +6.4 SG&A ($mm) +13.5 Q3 YTD 10.6% 11.4% YTD'25 YTD'26 11.2% 11.3% Q3'25 Q3'26 +10 bps SG&A as a % of Revenue +80 bps • Q3 and YTD SG&A up on higher incentive expense and advisory fees • Higher incentive expense driven by: ✓ Annual Incentive Plan accruals on YTD performance vs. no 2025 payout ✓ Higher stock price (YTD only) and stronger 2026 performance increased long- term incentive expense ✓ Additional restricted stock vesting in 2026 under applicable award terms ✓ Long-term incentives align executive pay with shareholder returns • Looking ahead to 2027: ✓ Annual Incentive Plan comparison normalizes after 2025 no-payout year ✓ Restricted stock vesting expected to normalize ✓ Stock price moves can swing GAAP and Adjusted results, including Adjusted EBITDA, without changing underlying costs Year-Over-Year Performance Commentary
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Q3 2026 Earnings Presentation - 9 Global Seating • Q3 Revenue grew 23% driven by increased customer demand in North American and Asia-Pacific markets • Q3 adjusted OI increased $1.6 million primarily attributable to higher sales and improved gross margin performance ✓ Continuing to benefit from cost and operational efficiency improvements driving margin expansion ✓ Growth in aftermarket driving favorable product mix • Benefitting from geographical diversification and footprint consolidation moves in the US, UK, and China Year-Over-Year Performance Commentary Sales and Adjusted Operating Income Commercial & Off-Highway Seats Aftermarket Seats 216.6 239.2 YTD'25 YTD'26 8.3 12.2 YTD'25 YTD'26 68.7 84.7 Q3'25 Q3'26 23% Revenue ($mm) 2.9 4.6 Q3'25 Q3'26 +1.6 Adjusted OI ($mm) 10% +3.8 Q3 YTD
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Q3 2026 Earnings Presentation - 10 Global Electrical Systems Year-Over-Year Performance Commentary • Q3 revenue up 30% due primarily to improved customer demand ✓ Driven by ramp of previously awarded program wins in EMEA and North America (including Zoox) ✓ Increased demand in our core markets, particularly construction • Q3 adjusted OI increased $2.3 million primarily attributable to higher sales volumes driving increased utilization, as well as product mix • New program ramps expected to continue driving strong revenue growth Sales and Adjusted Operating Income Aldama Wire Harness Assembly 49.5 64.4 Q3'25 Q3'26 +30% Revenue ($mm) 1.4 3.7 Q3'25 Q3'26 +2.3 Adjusted OI ($mm) Q3 YTD 153.5 183.9 YTD'25 YTD'26 2.6 5.9 YTD'25 YTD'26 +20% +3.3 Morocco Production
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Q3 2026 Earnings Presentation - 11 Trim Systems and Components • Q3 revenue increased 72% primarily as a result of increased customer demand in North America ✓ Driven by strong customer demand growth and product mix • Q3 adjusted OI increased $3.0 million primarily due to improved demand levels and operational efficiencies ✓ Driven primarily by improved product mix • Well-positioned to benefit from new program ramps and the return to normalization of North American Class 8 truck builds Year-Over-Year Performance Commentary Sales and Adjusted Operating IncomeSales and Adjusted Operating Income Headliner Roof Panel Bunks Wiper Systems 34.3 58.9 Q3'25 Q3'26 +72% Revenue ($mm) (0.3) 2.7 Q3'25 Q3'26 +3.0 Q3 YTD 1.4 5.0 YTD '25 YTD '26 +3.6 Adjusted OI ($mm) 124.1 151.7 YTD '25 YTD'26 +22% Note: totals may not match due to rounding
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340 332 251 272 298 334 2023 2024 2025 2026F 2027F 2028F North America 64% Europe 22% Asia Pacific 14% Construction 25 – 30% Heavy Truck 30 - 35% Bus/Auto/Ag/Other 25 – 30% Aftermarket & Accessories 5 – 10% Medium Truck 5 – 10% Q3 2026 Earnings Presentation - 12 Key CVG Markets Update CVG Revenue by End Market* • Construction equipment end market expected to grow at a high-single-digit rate in 2026. Construction Equipment Market Outlook* *Source: Customers’ estimates ACT Research is forecasting an improved 2026 followed by continued growth in 2027 and 2028 Source: ACT Research, dated October 9th -24% +8% +9% NA Class 8 Heavy Truck Build Outlook Units in Thousands +12% -2% 74 72 50 55 54 68 77 74 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q4'26F CVG Revenue by Geography* * Based on YTD 2026 Results
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Q3 2026 Earnings Presentation - 13 • Revenue mid-point: $740M $765M (+$25M) • Adjusted EBITDA mid-point: $28.5M $27.5M (-$1M) • ACT Class 8 build forecast: 272k (up ~8% y/y) ✓ Class 8 ramp weighted to H2’26 • Growth supported by new business ramps, incl. Zoox scale-up, and increased demand in construction end market • Continued operational efficiency focus • Positive 2026 Free Cash Flow, prioritizing debt paydown ✓ Capex toward low end of 2-3% of revenue range ✓ Working capital supports growth and new business ramps • Net leverage declining through 2026 toward ~2.0x long-term target FY26 CVG Outlook ($M) Metric 2025 Results Prior 2026 Outlook Updated 2026 Outlook Revenues $649.0 $725 - $755 $755 - $775 Adjusted EBITDA $17.8 $26 - $31 $26 - $29 Free Cash Flow $33.7 Positive Positive Higher revenue, operational improvement and positive free cash flow support earnings growth and deleveraging Updated Fiscal 2026 Outlook $18 $26 - $29 FY'25 Expected Incremental EBITDA Net Efficiencies Incentive Compensation FY'26 Guidance 2026 EBITDA Guidance Mid-Point Walk ($mm) Non-Cash Cash
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Q3 2026 Earnings Presentation - 14 Appendix
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This earnings presentation contains financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). In general, the non-GAAP measures exclude items that (i) management believes reflect the Company’s multi-year corporate activities; or (ii) relate to activities or actions that may have occurred over multiple or in prior periods without predictable trends. Management uses these non-GAAP financial measures internally to evaluate the Company’s performance, engage in financial and operational planning and to determine incentive compensation. Management provides these non-GAAP financial measures to investors as supplemental metrics to assist readers in assessing the effects of items and events on the Company’s financial and operating results and in comparing the Company’s performance to that of its competitors and to comparable reporting periods. The non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP. The financial results calculated in accordance with GAAP and reconciliations to those financial statements are set forth in the supplemental information. Q3 2026 Earnings Presentation - 15 Non-GAAP Financial Measures
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Q3 2026 Earnings Presentation - 16Note: totals may not match due to rounding Reconciliation of GAAP to Non-GAAP Financial Measures (in millions) Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Gross Profit 28.1 24.7 19.8 15.0 16.0 Restructuring 0.7 0.5 1.2 0.9 2.4 Adjusted Gross Profit 28.8 25.2 21.0 15.9 18.4 % of Revenues 13.8% 12.9% 12.2% 10.3% 12.1%
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Q3 2026 Earnings Presentation - 17Note: totals may not match due to rounding Reconciliation of GAAP to Non-GAAP Financial Measures (in millions) Q3 2026 Q3 2025 YTD 2026 YTD 2025 Operating Income/(Loss) 7.7 (1.1) 24.6 1.1 Restructuring 1.0 2.7 3.2 4.5 Gain on sale of fixed assets (3.1) - (17.0) - Adjusted Operating Income 5.6 1.6 10.8 5.7 % of Revenues 2.7% 1.1% 1.9% 1.2% Net Income/(Loss) 5.6 (6.8) (1.6) (14.1) Interest Expense 3.4 4.1 10.4 8.9 Provision (benefit) for income taxes 1.7 0.7 5.6 4.5 Depreciation Expense 3.5 3.6 10.7 10.5 Amortization Expense 0.1 0.1 0.4 0.4 EBITDA 14.2 1.7 25.5 10.3 % of Revenues 6.8% 1.1% 4.4% 2.1% EBITDA Adjustments Restructuring 1.0 2.7 3.2 4.5 Warrant fair value adjustment (4.1) 0.3 4.3 0.3 Loss on extinguishment of debt 0.4 - 3.4 0.5 Gain on sale of fixed assets (3.1) - (17.0) - Adjusted EBITDA 8.5 4.6 19.4 15.6 % of Revenues 4.1% 3.0% 3.4% 3.2%
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Q3 2026 Earnings Presentation - 18Note: totals may not match due to rounding Reconciliation of GAAP to Non-GAAP Financial Measures – Diluted EPS (in millions except for share information) Q3 2026 Q3 2025 YTD 2026 YTD 2025 Net income/(Loss) from continuing operations 5.6 (6.8) (1.6) (14.1) Operating income (loss) adjustments (2.1) 2.7 (13.8) 4.5 Loss on early extinguishment of debt 0.4 - 3.4 0.5 Warrant fair value adjustment (4.1) 0.3 4.3 0.3 Adjusted (benefit) provision for income taxes 1.4 (0.7) 1.5 (1.3) Adjusted net income (loss) from continuing operations 1.2 (4.6) (6.2) (10.1) Diluted EPS 0.14 (0.20) (0.04) (0.42) Adjustments to diluted EPS (0.11) 0.06 (0.13) 0.12 Adjusted diluted EPS 0.03 (0.14) (0.17) (0.30)
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Q3 2026 Earnings Presentation - 19Note: totals may not match due to rounding Segment GAAP to Non-GAAP QTD For the Three Months Ended September 30, 2026 (in millions) Global Seating Global Electrical Systems Trim Systems and Components Corporate Total Operating Income/(Loss) 3.6 3.7 5.8 (5.4) 7.7 Restructuring 1.0 0.0 - - 1.0 Gain on sale of fixed assets - - (3.1) - (3.1) Adjusted Operating Income/(Loss) 4.6 3.7 2.7 (5.4) 5.6 % of Revenue 5.4% 5.7% 4.5% - 2.7% For the Three Months Ended September 30, 2025 (in millions) Global Seating Global Electrical Systems Trim Systems and Components Corporate Total Operating Income/(Loss) 1.4 0.8 (0.9) (2.4) (1.1) Restructuring 1.5 0.5 0.6 - 2.7 Adjusted Operating Income/(Loss) 2.9 1.4 (0.3) (2.4) 1.6 % of Revenue 4.3% 2.8% (0.9)% - 1.1%
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Q3 2026 Earnings Presentation - 20Note: totals may not match due to rounding Segment GAAP to Non-GAAP YTD For the Nine Months Ended September 30, 2026 (in millions) Global Seating Global Electrical Systems Trim Systems and Components Corporate Total Operating Income/(Loss) 23.4 5.3 7.9 (12.7) 23.9 Restructuring 2.5 0.5 0.2 - 3.2 Gain on sale of fixed assets (13.7) - (3.1) (0.2) (17.0) Adjusted Operating Income/(Loss) 12.2 5.9 5.0 (12.9) 10.1 % of Revenue 5.1% 3.2% 3.3% - 1.8% For the Nine Months Ended September 30, 2025 (in millions) Global Seating Global Electrical Systems Trim Systems and Components Corporate Total Operating Income/(Loss) 6.4 1.0 0.5 (6.8) 1.1 Restructuring 1.9 1.6 0.9 0.1 4.5 Adjusted Operating Income/(Loss) 8.3 2.6 1.4 (6.7) 5.7 % of Revenue 3.8% 1.7% 1.2% - 1.2%
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Q3 2026 Earnings Presentation - 21Note: totals may not match due to rounding Reconciliation of GAAP to Non-GAAP Cash Flow Information (in millions) Q3 2026 Q3 2025 YTD 2026 YTD 2025 CONTINUING OPERATIONS Cash Flow from Operations $ 1.6 $ (1.7) $ 1.7 $ 32.0 Capital Expenditures (5.1) (1.8) (10.8) (7.1) Proceeds From Sale of Property, Plant and Equipment 4.1 0.1 20.0 0.1 Free Cash Flow from Continuing Operations 0.6 (3.4) 10.9 25.0 DISCONTINUED OPERATIONS Cash Flow from Operations $ - $ - $ - $ 0.3 Free Cash Flow from Discontinued Operations - - - 0.3 TOTAL COMPANY Cash Flow from Operations $ 1.6 $ (1.7) $ 1.7 $ 32.4 Capital Expenditures (5.1) (1.8) (10.8) (7.1) Proceeds From Sale of Property, Plant and Equipment 4.1 0.1 20.0 0.1 Free Cash Flow 0.6 (3.4) 10.9 25.3
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Q3 2026 Earnings Presentation - 22Note: totals may not match due to rounding Reconciliation of GAAP to Non-GAAP Financial Measures (in millions) Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Net Income/(Loss) (4.1) (6.8) (6.4) 0.9 (8.7) 5.6 Interest Expense 2.3 4.1 4.2 4.1 2.9 3.4 Provision (benefit) for income taxes 1.7 0.7 0.2 1.9 2.0 1.7 Depreciation Expense 3.5 3.6 3.6 3.6 3.6 3.5 Amortization Expense 0.1 0.1 0.1 0.1 0.1 0.1 EBITDA 3.6 1.7 1.7 10.6 (0.0) 14.2 EBITDA Adjustments Restructuring 1.1 2.7 0.9 1.2 1.0 1.0 (Gain) loss on sale of fixed assets - - (0.4) (14.0) - (3.1) Loss on Early Extinguishment of Debt 0.5 - - 2.0 1.0 0.4 Warrant fair value adjustment - 0.3 - 5.0 3.4 (4.1) Adjusted EBITDA 5.2 4.6 2.3 4.8 5.4 8.5 Adjusted EBITDA (TTM) 17.8 16.9 17.1 21.0 Long-Term Debt at End of Quarter 104.0 89.7 86.9 91.8 Current Portion of LT and ST Debt at End of Quarter 2.4 3.8 4.8 4.3 Cash at End of Quarter (33.3) (28.7) (36.0) (39.8) Net Debt at End of Quarter 73.1 64.9 55.8 56.3 Leverage Ratio (Continuing Operations) 4.1x 3.8x 3.3x 2.7x